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TICKER: EBHIX
CUSIP: 29446A744
INCEPTION DATE: Dec 31, 2013

DAILY PRICING (as of Dec 12, 2017)

NAV: Change: Change: Change YTD:
$11.69 -$0.03 -0.26% +2.81%

★★★★ Morningstar RatingTM (EBHIX)

Out of 96 funds as of 9/30/2017 in the managed futures category based on risk-adjusted three-year returns. Morningstar RatingsTM and rank do not account for sales charges.*

The Equinox BH-DG Strategy Fund seeks to benefit from diverse opportunities in the liquid futures and foreign exchange markets while maintaining portfolio liquidity.  

Prospectus Objective: The Equinox BH-DG Strategy Fund seeks to achieve long-term capital appreciation through exposure to one or more managed futures trading programs offered by BH-DG Systematic Trading LLP.

Approach

  • Accesses a diverse range of over 100 liquid equity index futures, commodity futures and foreign exchange markets
  • A systematic, medium-term trend-following strategy that utilizes a suite of systematic models and a rigorous risk management process
  • Discretionary trading experience and fundamental research are strong inputs into system development and execution.
  • Leverages BH-DG research and development team’s expertise in modelling, trading, risk management and algorithmic trading

Futures Trading Style



Trend-Following: A strategy that seeks to profit from buying when models indicate that prices are trending up, and by selling when prices are indicated to be trending down. In general, pure trend-following models focus almost exclusively on the current price relative to some specified measure of historical prices, such as a moving average.



For more information on futures trading styles, see the following links:

 Definitions of Terms and Indices can be found within the glossary.  

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

*For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds’ monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics.

Fund ratings are only one form of performance measurement. For the most current performance please refer to the ‘Performance’ tab.

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility and the potential for greater gains or losses.  There is no assurance that the Fund’s investment in a derivative instrument or trading company with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.  In general, the price of a fixed income security falls when interest rates rise.

The successful uses of forward and futures contracts draws upon BH-DG’s skill and experience with respect to such instruments and are subject to special risk considerations.  Which include but are not limited to futures and forward contracts having a high degree of price variability and are subject to occasional rapid and substantial changes.  Possible lack of a liquid secondary market.  Possible market disruption or other extraordinary events.  Losses caused by unanticipated market movements.  BH-DG’s inability to predict correctly the direction of securities prices, interest rates, and currency exchange rates.  The possibility that the counterparty will default.  The possibility that the issuer of the security will not be able to make principal and interest payments when due.

Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments.  Investments in emerging markets may be considered speculative.  As a general rule, there is less legal and regulatory protection for investors in foreign markets than that available domestically.  The Subsidiary will not be registered under the Investment Company Act of 1940, as amended (“1940 Act”) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  The Fund is a non-diversified investment company.

In addition to the Fund’s direct fees and expenses, you will indirectly bear fees and expenses paid by the Subsidiary and by a trading company, including management fees and performance-based fees associated with the BH-DG Program, commodity brokerage commissions and operating expenses.  The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund’s exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1.888.643.3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Fund Management, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor. SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600 or info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5488-NLD-07/13/2017  |  EASP987

The Equinox BH-DG Strategy Fund trades a diverse range of over 100 liquid equity index futures, commodity futures and foreign exchange markets.

Performance attribution by sector — as of Oct 31, 2017


Sector attribution numbers have been rounded for ease of use. Performance includes fixed income and is net of fees.  Past performance does not guarantee future results. 

Fund exposure by futures strategy — as of Oct 31, 2017

Futures Strategy
% Exposure
program description
Info, Notes & Performance
BH-DG Systematic Trading LLP
100.0%
Systematic, Trend-Following
Firm location:
London, United Kingdom 
Program name:
Systematic Trading program 
Program inception:
October 2010 
Firm AUM (10/31/17):
$ 822 Million  
Principal(s):
David Gorton,
Iain Doran

Portfolio holdings are as of the date stated, are subject to change, and should not be considered investment advice.

†Please refer to the glossary for definitions of program descriptions.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

*For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds’ monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics.

Fund ratings are only one form of performance measurement. For the most current performance please refer to the ‘Performance’ tab.

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility and the potential for greater gains or losses.  There is no assurance that the Fund’s investment in a derivative instrument or trading company with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.  In general, the price of a fixed income security falls when interest rates rise.

The successful uses of forward and futures contracts draws upon BH-DG’s skill and experience with respect to such instruments and are subject to special risk considerations.  Which include but are not limited to futures and forward contracts having a high degree of price variability and are subject to occasional rapid and substantial changes.  Possible lack of a liquid secondary market.  Possible market disruption or other extraordinary events.  Losses caused by unanticipated market movements.  BH-DG’s inability to predict correctly the direction of securities prices, interest rates, and currency exchange rates.  The possibility that the counterparty will default.  The possibility that the issuer of the security will not be able to make principal and interest payments when due.

Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments.  Investments in emerging markets may be considered speculative.  As a general rule, there is less legal and regulatory protection for investors in foreign markets than that available domestically.  The Subsidiary will not be registered under the Investment Company Act of 1940, as amended (“1940 Act”) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  The Fund is a non-diversified investment company.

In addition to the Fund’s direct fees and expenses, you will indirectly bear fees and expenses paid by the Subsidiary and by a trading company, including management fees and performance-based fees associated with the BH-DG Program, commodity brokerage commissions and operating expenses.  The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund’s exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1.888.643.3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Fund Management, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor. SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600 or info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5488-NLD-07/13/2017  |  EASP987

Fund Performance

As of Dec 12, 2017 As of Sep 30, 2017
Fund Name 1 month ytd quarter 1 year 3 years 1 5 years 1 since
inception 1
Equinox BH-DG Strategy Fund
Class I (inception: Dec 31, 2013)
0.17% 2.81% 3.48% -1.83% 3.94% 3.93%

1Annualized, unless the Fund has less than a year of performance where the numbers shown are cumulative total return.

SEE PERFORMANCE AND EXPENSE DISCLOSURES BELOW.

Performance and risk versus benchmarks — as of Nov 30, 2017

Fund/index 1 month ytd 2014 2015 2016 Cumulative Return Annualized ROR Maximum Drawdown standard deviation Correlation
Vs. Indices
Equinox BH-DG Strategy Fund
Class I
0.94% 3.52% 12.57% 1.00% 2.34% 20.45% 4.87% -10.26% 10.62% 1.00
Long Only Commodities 1
1.38% 1.30% -33.06% -32.86% 11.37% -49.30% -15.93% -60.49% 19.15% -0.42
Equities 2
3.07% 20.49% 13.69% 1.38% 11.96% 55.49% 11.93% -8.36% 9.67% -0.03
Managed Futures 3
-0.36% -1.76% 12.33% -0.92% -4.44% 4.48% 1.13% -14.08% 7.06% 0.87
Fixed Income 4
-0.13% 3.07% 5.97% 0.55% 2.65% 12.73% 3.11% -3.28% 2.74% 0.41

S&P500 GSCI® Index
S&P 500® Total Return Index
Barclay BTOP50 Index®.  The index does not encompass the whole universe of CTAs. The CTAs that comprise the index have submitted their information voluntarily. Investors      cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
4Barclays Capital Aggregate Bond Index®

ROR is Rate of Return. Standard Deviation is annualized.  See glossary for definitions of drawdown, standard deviation and correlation.

Investors are not able to invest directly in the indices referenced in this illustration and unmanaged index returns do not reflect any fees, expenses or sales charges. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. 

SEE PERFORMANCE AND EXPENSE DISCLOSURES BELOW.

Performance of a hypothetical $10,000 investment — Jan 2014 to Nov 2017

Equinox BH-DG Strategy Fund - Class I ($12,045 as of Nov 2017)
Barclay BTOP50 Index ($10,448 as of Nov 2017)

Managed Futures: Barclay BTOP50 Index®. The Barclay BTOP50 Index® does not encompass the whole universe of CTAs. The CTAs that comprise the index have submitted their information voluntarily. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

SEE PEFORMANCE AND EXPENSE DISCLOSURES BELOW.

 Sources: Gemini Fund Services, LLC, PerTrac Fund Solutions, LLC.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. The Adviser has contractually agreed to reduce its advisory fee and/or reimburse certain expenses of the Fund, to ensure that the Fund’s total annual operating expenses, excluding (i) taxes, (ii) interest, (iii) extraordinary items, (iv) “Acquired Fund Fees and Expenses,” (v) any expenses of the Subsidiary including trading company expenses, (vi) any class specific fees and expenses, and (vii) brokerage commissions, do not exceed, on an annual basis, 1.10% of the Fund’s average daily net assets. This expense limitation will remain in effect until January 31, 2017 but can be terminated by the Fund’s Board of Trustees on 60 days’ written notice to the Adviser. Following the expiration of the contractual fee waiver above, the Adviser has contractually agreed to reduce its advisory fee and/or reimburse certain expenses of the Fund to ensure that the Fund’s total annual operating expenses, excluding (i) taxes, (ii) interest, (iii) extraordinary items, (iv) “Acquired Fund” fees and expenses, (v) any expenses of the Subsidiary including trading company expenses, (vi) any class specific fees and expenses, and (vii) brokerage commissions, do not exceed, on an annual basis, 2.00% of the Fund’s average daily net assets. This expense limitation will remain in effect until at least January 31, 2027 but can be terminated by the Fund’s Board of Trustees on 60 days’ written notice to the Adviser. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such waived or reimbursed amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. The fee table reflects only expense limitations in effect until January 31, 2017. No recoupment by the Adviser will occur unless the Fund’s operating expenses are below the expense limitation amount. Please review the Fund’s Prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could have been lower. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call toll-free 1-888-643-3431.

Gross/Net expense Ratio: Class I (EBHIX): 170.87%/1.10%

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility and the potential for greater gains or losses.  There is no assurance that the Fund’s investment in a derivative instrument or trading company with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.  In general, the price of a fixed income security falls when interest rates rise.

The successful uses of forward and futures contracts draws upon BH-DG’s skill and experience with respect to such instruments and are subject to special risk considerations.  Which include but are not limited to futures and forward contracts having a high degree of price variability and are subject to occasional rapid and substantial changes.  Possible lack of a liquid secondary market.  Possible market disruption or other extraordinary events.  Losses caused by unanticipated market movements.  BH-DG’s inability to predict correctly the direction of securities prices, interest rates, and currency exchange rates.  The possibility that the counterparty will default.  The possibility that the issuer of the security will not be able to make principal and interest payments when due.

Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments.  Investments in emerging markets may be considered speculative.  As a general rule, there is less legal and regulatory protection for investors in foreign markets than that available domestically.  The Subsidiary will not be registered under the Investment Company Act of 1940, as amended (“1940 Act”) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  The Fund is a non-diversified investment company.

In addition to the Fund’s direct fees and expenses, you will indirectly bear fees and expenses paid by the Subsidiary and by a trading company, including management fees and performance-based fees associated with the BH-DG Program, commodity brokerage commissions and operating expenses.  The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund’s exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1-888-643-3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Fund Management, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor. SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1-877-837-0600 or info@equinoxfunds.com.     

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5488-NLD-07/13/2017  |  EASP987

Equinox Investment Philosophy and Process

At Equinox Funds, we believe that alternative and traditional investment portfolios built around rigorous diversification and dynamic risk management can add long-term value to an investment strategy. With this philosophy in mind, the Equinox portfolio management team employs the following six-step investment process:

Equinox Investment Process Overview

Step 1 SCREEN
After determining a Fund or Program’s goals and objectives, the Portfolio Team screens the manager universe for suitable candidates.
Step 2 ANALYZE
During this stage, the Portfolio Team seeks to rigorously evaluate historical performance and portfolio attributes as they relate to performance, volatility and strategy discipline.
Step 3 SELECT
The next step involves performing exhaustive due diligence on organization, personnel, investment process and operations.
Step 4 CONSTRUCT
At this stage of the process the anticipated portfolio is stressed using simulation tools for optimal return, risk, correlation and drawdown metrics.
Step 5 MANAGE
Once the initial candidates are identified, the Portfolio Team continually rebuilds the universe of managers and retests the portfolio dynamics.
Step 6 REBALANCE
Continuous monitoring of existing managers’ trading and performance seeks to detect style drift or other potential issues and rebalancing occurs as necessary.

Throughout the process, our goal is to provide investors with high-quality alternative investment portfolios that — when added to an asset allocation strategy — can potentially reduce risk and enhance returns over time.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

*For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds’ monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics.

Fund ratings are only one form of performance measurement. For the most current performance please refer to the ‘Performance’ tab.

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility and the potential for greater gains or losses.  There is no assurance that the Fund’s investment in a derivative instrument or trading company with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.  In general, the price of a fixed income security falls when interest rates rise.

The successful uses of forward and futures contracts draws upon BH-DG’s skill and experience with respect to such instruments and are subject to special risk considerations.  Which include but are not limited to futures and forward contracts having a high degree of price variability and are subject to occasional rapid and substantial changes.  Possible lack of a liquid secondary market.  Possible market disruption or other extraordinary events.  Losses caused by unanticipated market movements.  BH-DG’s inability to predict correctly the direction of securities prices, interest rates, and currency exchange rates.  The possibility that the counterparty will default.  The possibility that the issuer of the security will not be able to make principal and interest payments when due.

Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments.  Investments in emerging markets may be considered speculative.  As a general rule, there is less legal and regulatory protection for investors in foreign markets than that available domestically.  The Subsidiary will not be registered under the Investment Company Act of 1940, as amended (“1940 Act”) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  The Fund is a non-diversified investment company.

In addition to the Fund’s direct fees and expenses, you will indirectly bear fees and expenses paid by the Subsidiary and by a trading company, including management fees and performance-based fees associated with the BH-DG Program, commodity brokerage commissions and operating expenses.  The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund’s exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1.888.643.3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Fund Management, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor. SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600 or info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5488-NLD-07/13/2017  |  EASP987

Portfolio Management Team

 

Dr. Ajay Dravid

Chief Investment Officer, Equinox Institutional Asset Management, LP

Managing Director of Portfolio Strategy, Equinox Fund Management, LLC

As Managing Director of Portfolio Strategy at Equinox Fund Management, Dr. Dravid is involved in day-to-day portfolio and risk management for all of Equinox Funds' offerings.  In addition, Dr. Dravid is involved in the development and the structuring of new products... | MORE

Dr. Rufus Rankin

Director of Portfolio Management, Equinox Fund Management, LLC

Dr. Rankin is the Director of Portfolio Strategy of Equinox Fund Management.  In addition, Dr. Rankin also assists with the conception, development and implementation of new products... | MORE

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

*For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds’ monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics.

Fund ratings are only one form of performance measurement. For the most current performance please refer to the ‘Performance’ tab.

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility and the potential for greater gains or losses.  There is no assurance that the Fund’s investment in a derivative instrument or trading company with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.  In general, the price of a fixed income security falls when interest rates rise.

The successful uses of forward and futures contracts draws upon BH-DG’s skill and experience with respect to such instruments and are subject to special risk considerations.  Which include but are not limited to futures and forward contracts having a high degree of price variability and are subject to occasional rapid and substantial changes.  Possible lack of a liquid secondary market.  Possible market disruption or other extraordinary events.  Losses caused by unanticipated market movements.  BH-DG’s inability to predict correctly the direction of securities prices, interest rates, and currency exchange rates.  The possibility that the counterparty will default.  The possibility that the issuer of the security will not be able to make principal and interest payments when due.

Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments.  Investments in emerging markets may be considered speculative.  As a general rule, there is less legal and regulatory protection for investors in foreign markets than that available domestically.  The Subsidiary will not be registered under the Investment Company Act of 1940, as amended (“1940 Act”) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  The Fund is a non-diversified investment company.

In addition to the Fund’s direct fees and expenses, you will indirectly bear fees and expenses paid by the Subsidiary and by a trading company, including management fees and performance-based fees associated with the BH-DG Program, commodity brokerage commissions and operating expenses.  The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund’s exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1.888.643.3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Fund Management, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor. SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600 or info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5488-NLD-07/13/2017  |  EASP987